HOUSE JOINT MEMORIAL 4027
State of Washington 57th Legislature 2002 Regular Session
By Representatives Hurst, Jackley, Morris, Schmidt, Simpson, O'Brien, Barlean, Hatfield, Santos, Cooper, Buck, Schual‑Berke, Haigh, Lisk, Campbell, Ballasiotes, Kenney, Morell, Pflug, Chase and Linville
Read first time 01/30/2002. Referred to Committee on Select Committee on Community Security.
TO THE HONORABLE GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES, AND TO THE PRESIDENT OF THE SENATE AND THE SPEAKER OF THE HOUSE OF REPRESENTATIVES, AND TO THE SENATE AND HOUSE OF REPRESENTATIVES OF THE UNITED STATES, IN CONGRESS ASSEMBLED:
We, your Memorialists, the Senate and House of Representatives of the State of Washington, in legislative session assembled, respectfully represent and petition as follows:
WHEREAS, The solvency and viability of the property and casualty insurance market is a fundamental underpinning of our national and state economy; and
WHEREAS, The terrorist attack of September 11, 2001, resulted in the largest, single event insurance loss in history and has had profound effects both for insurance companies and their customers; and
WHEREAS, The potential losses from future terrorist attacks may be greater than the insurance industry's capacity to sustain; and
WHEREAS, Critical reinsurance markets have responded by excluding future terrorism losses from policies issued to primary insurance companies; and
WHEREAS, The primary insurance industry has therefore moved to limit their exposure to catastrophic losses by terminating coverage or limiting their coverage for acts of terrorism; and
WHEREAS, While the insurance market adjusts to this uncertainty, businesses throughout our state and the nation are no longer adequately protected from the economic losses caused by future acts of terrorism; and
WHEREAS, The Congress is considering legislation that would create a temporary federal program to share public and private compensation for insured losses from acts of terrorism in order to protect consumers by assuring availability of appropriate insurance coverage; and
WHEREAS, Delays in the enactment of appropriate solutions to this problem cause economic problems for thousands of Washington businesses;
NOW, THEREFORE, Your Memorialists respectfully pray that the United States Congress immediately enact and President Bush sign legislation that allows for a transitional period for the private insurance industry to build capacity to absorb any future losses while preserving state insurance regulation and consumer protections.
BE IT FURTHER RESOLVED, That copies of this Memorial be immediately transmitted to the Honorable George W. Bush, President of the United States, the President of the United States Senate, the Speaker of the House of Representatives, and each member of Congress from the State of Washington.
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